New Jersey Resources Co. (NYSE:NJR) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its position in New Jersey Resources Co. (NYSE:NJR) by 15.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,781 shares of the utilities provider’s stock after selling 1,769 shares during the period. Federated Hermes Inc.’s holdings in New Jersey Resources were worth $418,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Heritage Wealth Advisors bought a new position in New Jersey Resources in the 4th quarter worth approximately $31,000. Neo Ivy Capital Management bought a new stake in shares of New Jersey Resources during the second quarter valued at about $31,000. GAMMA Investing LLC lifted its holdings in New Jersey Resources by 119.5% in the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares during the period. International Assets Investment Management LLC bought a new position in New Jersey Resources in the 2nd quarter valued at about $76,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in New Jersey Resources during the 2nd quarter valued at about $94,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Price Performance

Shares of NYSE:NJR opened at $47.34 on Tuesday. The company has a market capitalization of $4.68 billion, a PE ratio of 18.71 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. The stock has a fifty day moving average of $46.08 and a 200-day moving average of $44.04. New Jersey Resources Co. has a one year low of $38.92 and a one year high of $48.68.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $275.64 million during the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.10 EPS. As a group, equities analysts anticipate that New Jersey Resources Co. will post 2.95 EPS for the current fiscal year.

New Jersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, September 23rd. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.42. New Jersey Resources’s dividend payout ratio is 71.15%.

Insider Buying and Selling

In other news, CEO Stephen D. Westhoven sold 26,600 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares in the company, valued at $7,601,847.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Stephen D. Westhoven sold 26,600 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the transaction, the chief executive officer now owns 168,705 shares in the company, valued at approximately $7,601,847.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the sale, the chief executive officer now owns 195,305 shares of the company’s stock, valued at $8,788,725. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NJR. Mizuho increased their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Sunday. JPMorgan Chase & Co. upped their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Argus raised New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.